US President Donald Trump received pledges of $600 billion in investments in his country during his visit to Saudi Arabia on Tuesday, at the start of his Gulf tour.
The United States has approved an arms sale to Saudi Arabia worth approximately $142 billion, according to a White House statement, describing it as the largest defense cooperation agreement ever concluded by Washington.
The statement added that the agreement includes deals with more than a dozen American defense companies in areas including air and missile defense, air and space force development, maritime security, and communications.
Saudi Crown Prince Mohammed bin Salman said in a speech he delivered during the US-Saudi Investment Forum session held in Riyadh on the occasion of Trump's visit: "Today, we hope to see investment opportunities worth $600 billion, including deals worth $300 billion signed during this forum."
He added that in the coming months, we will work on the second phase of completing the deals and raising them to one trillion dollars.
Trump praises trade deals with Saudi Arabia during visit
The United States and Saudi Arabia have discussed Riyadh's potential purchase of Lockheed F-35 fighter jets, two sources familiar with the discussions told Reuters, referring to a military aircraft the kingdom has long been believed to be interested in.
Trump, accompanied by American business leaders, including billionaire Elon Musk, will travel from Riyadh to Qatar on Wednesday, then to the United Arab Emirates on Thursday.
Saudi Investment Minister Khalid Al-Falih said during the US-Saudi Investment Forum: “While energy remains the cornerstone of our relationship, investment and business opportunities in the Kingdom have expanded and multiplied.”
He added, before Trump's arrival: "As a result, when Saudis and Americans cooperate, very good things happen, and often great things happen when these joint projects are established."
Trump was seen speaking with the governor of Saudi Arabia's sovereign wealth fund, Yasir Al-Rumayyan, and Aramco CEO Amin Nasser as he toured a hall displaying models of the kingdom's dazzling, multi-billion-dollar development projects.
Trump described the Saudi Crown Prince as a friend, saying their relationship was good, adding that Saudi investment would help create jobs in the United States.
large investments
Mohammed bin Salman has focused on diversifying the Kingdom's economy in a major reform program called Vision 2030, which includes megaprojects such as NEOM, a futuristic city the size of Belgium. Oil accounted for 62 percent of Saudi government revenue last year.
Saudi Arabia and the United States have maintained strong relations for decades.
